Xinnix Ground School UPDATED ACTUAL
Exam Questions and CORRECT Answers
first-time homebuyer - CORRECT ANSWER - Someone who has never owned a home
Move-up homebuyer - CORRECT ANSWER - Currently owns, or has previously owned a
home and is looking to move up in price, location, size, etc.
Relocation Homebuyer - CORRECT ANSWER - Purchasing a new home in a different city or
state due to job transfer or personal desire
Affluent homebuyer - CORRECT ANSWER - Well seasoned in home buying process.
Knowledgeable, financially savvy, busy.
Empty-nester homebuyer - CORRECT ANSWER - Experienced homebuyers looking to
downsize due to age and no dependent children.
Investor homebuyer - CORRECT ANSWER - Well seasoned and knowledgeable about
mortgage process. Rate sensitive, smarter, potentially impatient and time sensitive. Looking to
close as quickly as possible.
End lender in mortgage banking - CORRECT ANSWER - correspondent lender
End lender in mortgage brokering - CORRECT ANSWER - wholesale lender
Correspondent lenders - CORRECT ANSWER - purchase closed loans from banks and
mortgage bankers. Warehouse line of credit.
Wholesale lenders - CORRECT ANSWER - Table fund at closing. All closing docs in name
of wholesale lender.
, Fannie Mae (FNMA) - CORRECT ANSWER - Federal National Mortgage Association
Freddie Mac (FHLMC) - CORRECT ANSWER - Federal Home Loan Mortgage Corporation
FHA - CORRECT ANSWER - Federal Housing Administration
VA - CORRECT ANSWER - Veteran's Administration
Non-agency loans - CORRECT ANSWER - Comprise any loans not made by the 4 lending
agencies
Conforming loans - CORRECT ANSWER - Any agency loan
Jumbo loan - CORRECT ANSWER - Any conventional loan that is in excess of the loan
limits set by Fannie Mae and Freddie Mac. All jumbo loans are, by definition, nonconforming;
the reverse, however, is not true.
Conventional - CORRECT ANSWER - A loan NOT insured by FHA or VA
Non-conforming - CORRECT ANSWER - Any loan that does NOT conform to Freddie Mac
or Fannie Mae guidelines
URLA - CORRECT ANSWER - Uniform residential loan application. 1003.
Construction loan - CORRECT ANSWER - A short-term, interim loan for financing the cost
of construction. The lender makes payments to the builder at periodic intervals as the work
progresses.
Exam Questions and CORRECT Answers
first-time homebuyer - CORRECT ANSWER - Someone who has never owned a home
Move-up homebuyer - CORRECT ANSWER - Currently owns, or has previously owned a
home and is looking to move up in price, location, size, etc.
Relocation Homebuyer - CORRECT ANSWER - Purchasing a new home in a different city or
state due to job transfer or personal desire
Affluent homebuyer - CORRECT ANSWER - Well seasoned in home buying process.
Knowledgeable, financially savvy, busy.
Empty-nester homebuyer - CORRECT ANSWER - Experienced homebuyers looking to
downsize due to age and no dependent children.
Investor homebuyer - CORRECT ANSWER - Well seasoned and knowledgeable about
mortgage process. Rate sensitive, smarter, potentially impatient and time sensitive. Looking to
close as quickly as possible.
End lender in mortgage banking - CORRECT ANSWER - correspondent lender
End lender in mortgage brokering - CORRECT ANSWER - wholesale lender
Correspondent lenders - CORRECT ANSWER - purchase closed loans from banks and
mortgage bankers. Warehouse line of credit.
Wholesale lenders - CORRECT ANSWER - Table fund at closing. All closing docs in name
of wholesale lender.
, Fannie Mae (FNMA) - CORRECT ANSWER - Federal National Mortgage Association
Freddie Mac (FHLMC) - CORRECT ANSWER - Federal Home Loan Mortgage Corporation
FHA - CORRECT ANSWER - Federal Housing Administration
VA - CORRECT ANSWER - Veteran's Administration
Non-agency loans - CORRECT ANSWER - Comprise any loans not made by the 4 lending
agencies
Conforming loans - CORRECT ANSWER - Any agency loan
Jumbo loan - CORRECT ANSWER - Any conventional loan that is in excess of the loan
limits set by Fannie Mae and Freddie Mac. All jumbo loans are, by definition, nonconforming;
the reverse, however, is not true.
Conventional - CORRECT ANSWER - A loan NOT insured by FHA or VA
Non-conforming - CORRECT ANSWER - Any loan that does NOT conform to Freddie Mac
or Fannie Mae guidelines
URLA - CORRECT ANSWER - Uniform residential loan application. 1003.
Construction loan - CORRECT ANSWER - A short-term, interim loan for financing the cost
of construction. The lender makes payments to the builder at periodic intervals as the work
progresses.
